Actuarial Studies (Co-op) - 3587
Program Summary
Faculty: Australian School of Business
Contact: Australian School of Business Student Centre
Campus: Sydney
Career: Undergraduate
Typical Duration: 4 Years
Typical UOC Per Semester: 24
Min UOC Per Semester: 6
Max UOC Per Semester: 24
Min UOC For Award: 192
UAC Code: 424012
ATAR: N/A 
International Entry Requirements: See International Entry Requirements
Award(s):
Bachelor of Actuarial Studies (Co-op)
Information valid for students commencing 2013.
Students who commenced prior to 2013 should go to the Handbook's Previous Editions
Program Description
Please note: Entry into this program is open to domestic students only.
The Bachelor of Actuarial Studies (Co-op) (BActSt (Co-op)) is a highly valued and unique business qualification. It provides high-achieving students with a strong, 4-year academic program, integrated with fully assessable industry placement experiences that enable students to work with some of Australia's leading employers. The degree is also flexible enough to allow students to complete an Honours year within the 4 years.
The BActSt(Co-op) combines the requirements of the degree with 18 months of coordinated industrial experience at three different sponsoring organisations. Industrial training extends outside university semesters.
A scholarship is payable from funds donated by the sponsoring organisations, and entry to the program is limited to students awarded a scholarship through the BActSt(Co-op) selection procedures administered by the Co-op Program Office. For baseline requirements to the UNSW Co-op program visit the frequently asked questions page.
Program benefits:
• Highly regarded by industry
• Provides students with the fundamentals of business and the option to explore their interests
• Prepares students academically, technically and professionally
• Equips students with the skills and knowledge to pursue a variety of career options
• Allows students to qualify for professional accreditation in a range of areas.
Actuarial Studies involves the application of statistical and financial analysis and risk models to management in general, life and health insurance, superannuation, investment and finance.
The Actuarial Studies program serves as a foundation for students who wish to enter the actuarial profession. Students must achieve the required academic standard in their Actuarial Studies courses to gain exemption from Part I of the Actuaries Institute in Australia, the CT courses of The Institute and Faculty of Actuaries (UK) professional examinations or the VEE credit for the Society of Actuaries (USA). Students can gain exemption from Part II of the Actuaries Institute professional examinations and become an Associate member by completing the designated fourth year courses at the required academic standard.
The actuarial program of study also aims to develop the use of judgement and to provide the necessary combination of mathematical, statistical, accounting, economic, financial, demographic, analytical and modelling skills for a rewarding career in the financial services industry. Employers in the financial services industry – including banks, insurers and consultants – value the rigorous quantitative risk training in the Actuarial Studies major.
Program Objectives and Graduate Attributes
On successful completion of the BActSt (Co op), graduates will be able to demonstrate:
- critical thinking and problem solving skills
- effective and confident communication in oral and written forms
- collaborative skills in teamwork and a capacity for leadership
- their in-depth knowledge of the work of actuaries in financial institutions
- understanding of social, ethical and global perspectives on a range of cultural, environmental and economic spheres
- the capacity to plan and manage their study and workloads to achieve self-direction, and personal and professional goals.
Program Structure
The program comprises 192 UOC to be completed over 4 academic years.
Depth component
Depth component
- Compulsory core courses (84 UOC)
- Industrial Training courses (36 UOC)
- Elective Alternatives*: General or Honours as detailed below (48 UOC)
Breadth component
- General Education courses (12 UOC)
- Free electives (12 UOC)
* Elective Alternatives: General
The 48 UOC alternatives in the depth component can consist of one of the following:
1. A major of 48 UOC from the Australian School of Business. If a course from this selected major is already in the core actuarial courses, students would have 6 UOC to be taken as electives from within the Australian School of Business or School of Mathematics and Statistics.
2. A major of at least 54 UOC from the School of Mathematics and Statistics (of which 12 UOC are already in the core actuarial courses) plus an additional 6 UOC electives to be taken from within the Australian School of Business or School of mathematics and statistics.
3. Any other combination of 48 UOC from the Australian School of Business or School of Mathematics and Statistics.
* Elective Alternatives: Honours
4. An Honours year of 48UOC consisting of 24 UOC of Honours courses plus a 24 UOC thesis.
Compulsory core courses account for 84 UOC (14 courses)
The 48 UOC alternatives in the depth component can consist of one of the following:
1. A major of 48 UOC from the Australian School of Business. If a course from this selected major is already in the core actuarial courses, students would have 6 UOC to be taken as electives from within the Australian School of Business or School of Mathematics and Statistics.
2. A major of at least 54 UOC from the School of Mathematics and Statistics (of which 12 UOC are already in the core actuarial courses) plus an additional 6 UOC electives to be taken from within the Australian School of Business or School of mathematics and statistics.
3. Any other combination of 48 UOC from the Australian School of Business or School of Mathematics and Statistics.
* Elective Alternatives: Honours
4. An Honours year of 48UOC consisting of 24 UOC of Honours courses plus a 24 UOC thesis.
Compulsory core courses account for 84 UOC (14 courses)
- ACTL2102 - Time Series and Simulation
- ACTL2111 - Compound Interest Theory and Applications
- ACTL2131 - Probability and Mathematical Statistics
- ACTL3141 - Actuarial Models and Statistics
- ACTL3151 - Life Contingencies
- ACTL3162 - General Insurance Techniques
- ACTL3182 - Asset-Liability and Derivative Models
Students may replace ACTL1122 with the two courses ACCT1501 and ACCT1511 Accounting and Financial Management 1A and 1B. Students may also replace ACTL2131 with the two courses MATH2901 Higher Theory of Statistics and MATH2931 Higher Linear Models.
If students make either or both of these replacements, the first of these courses (i.e. ACCT1501 and MATH2901) will count towards the core, and the second course can be counted towards another major or minor or as an elective.
Industrial Training Experience
These courses account for 36 UOC. Students complete 3 industrial training experience courses within the area of their co-op scholarship, with each course worth 12 UOC.
If students make either or both of these replacements, the first of these courses (i.e. ACCT1501 and MATH2901) will count towards the core, and the second course can be counted towards another major or minor or as an elective.
Industrial Training Experience
These courses account for 36 UOC. Students complete 3 industrial training experience courses within the area of their co-op scholarship, with each course worth 12 UOC.
- ACTL2101 ITE1 (Co-op) (12 UOC)
- ACTL3202 - Industrial Training Experience 2 (Co-op)
- ACTL3303 - Industrial Training Experience 3 (Co-op
Approved Majors from within the ASB:
- Accounting
- Business Economics
- Business Strategy
- Business Law
- Finance
- Financial Economics
- Information Systems
- International Business
- Human Resource Management
- Management
- Marketing
Approved majors from other Faculties:
- Mathematics
- Statistics
Free Electives account for 12 UOC (2 courses). These courses may be taken from any Faculty at the University.
General Education Requirements
General Education requirements account for 12 UOC (2 courses) and are to be taken outside the Australian School of Business. These courses allow you to select either courses that were developed especially for the General Education Program (beginning with GEN) or to choose 'mainstream' courses that are offered in the degree programs of other faculties. For further information about General Education Requirements please refer to the UNSW Online Handbook.
Please note that students enrolled in programs within the Australian School of Business cannot take General Education courses offered by the Business School. These restrictions also apply to the following courses
Please note that students enrolled in programs within the Australian School of Business cannot take General Education courses offered by the Business School. These restrictions also apply to the following courses
- GENL2015 The World of Work
- GENL2021 An Introduction to the Australian Legal System
- GENL2032 Cyberspace Law 2.0
- GENL5021 Business Law Basics
If students are unsure of their General Education requirements they should contact the Australian School of Business Student Centre (Ground floor, West entrance, Australian School of Business building).
Honours
High achieving students may apply to undertake honours. Honours can be completed in the fourth year of study (in place of other options or majors) or an additional fifth year of full-time study. This year provides students with advanced knowledge of their chosen field and develops research and communication skills. Students complete advanced courses/seminars and a thesis.
Academic Rules
Academic Rules for Bachelor of Actuarial Studies (BActSt) (Co op)
Content of Program
To be awarded a degree at Pass level, the BAct St (Co op) must contain (as a standalone degree):
1. 192 units of credit (UoC).
2. The 14 core courses stipulated above.
3. A minimum of 120UoC of courses offered by the ASB (including the 36 UOC in Industrial Training courses).
4. 12UoC of courses from outside the ASB to fulfil the University’s General Education requirement. The courses undertaken for a Mathematics Major can therefore be used to satisfy General Education requirements.
5. Maximum of 60UoC of Level 1 courses, excluding Level 1 courses completed as part of the General Education requirement.
Majors and Minors
6. A Major in the ASB is a sequence of 48UoC courses in a single discipline or area of study. A Major in the School of Mathematics and Statistics comprises at least 54 UoC.
7. 18 UoC of a Major must be at Level 3.
8. If a student chooses a Major in addition to the core courses, 6 UoC from the core may be counted towards each Major sequence from the ASB and 12 UoC to a Mathematics Major.
9. If a student chooses to complete a Minor, it will consist of 30UOC, with a minimum of 18UoC at Level 2 and Level 3.
Progression rules
10. A minimum of 24UoC courses must be completed before enrolling in Level 2 courses.
11. A minimum of 72UoC courses must be completed before enrolling in Level 3 courses.
Awarding degree
12. A Pass degree with Distinction may be awarded if a student achieves a minimum of 75 WAM across the program and completes a minimum of 72UoC at UNSW.
Honours
• 48UOC consisting of 24UoC from Honours courses and a thesis of 24 UoC to be completed in the fourth year or after completion of the requirements for the pass degree.
• Eligibility: minimum WAM of 80 in courses completed before the start of the honours year.
• Pass all courses at the first attempt.
• Application: expression of interest and written application submitted to the Head of School or Honours Coordinator in the School of Risk and Actuarial Studies.
• Award: Class 1, Class 2 Division 1, Class 2 Division 2, Class 3; if requirements for these classes are not met, a Pass degree will be awarded.
Content of Program
To be awarded a degree at Pass level, the BAct St (Co op) must contain (as a standalone degree):
1. 192 units of credit (UoC).
2. The 14 core courses stipulated above.
3. A minimum of 120UoC of courses offered by the ASB (including the 36 UOC in Industrial Training courses).
4. 12UoC of courses from outside the ASB to fulfil the University’s General Education requirement. The courses undertaken for a Mathematics Major can therefore be used to satisfy General Education requirements.
5. Maximum of 60UoC of Level 1 courses, excluding Level 1 courses completed as part of the General Education requirement.
Majors and Minors
6. A Major in the ASB is a sequence of 48UoC courses in a single discipline or area of study. A Major in the School of Mathematics and Statistics comprises at least 54 UoC.
7. 18 UoC of a Major must be at Level 3.
8. If a student chooses a Major in addition to the core courses, 6 UoC from the core may be counted towards each Major sequence from the ASB and 12 UoC to a Mathematics Major.
9. If a student chooses to complete a Minor, it will consist of 30UOC, with a minimum of 18UoC at Level 2 and Level 3.
Progression rules
10. A minimum of 24UoC courses must be completed before enrolling in Level 2 courses.
11. A minimum of 72UoC courses must be completed before enrolling in Level 3 courses.
Awarding degree
12. A Pass degree with Distinction may be awarded if a student achieves a minimum of 75 WAM across the program and completes a minimum of 72UoC at UNSW.
Honours
• 48UOC consisting of 24UoC from Honours courses and a thesis of 24 UoC to be completed in the fourth year or after completion of the requirements for the pass degree.
• Eligibility: minimum WAM of 80 in courses completed before the start of the honours year.
• Pass all courses at the first attempt.
• Application: expression of interest and written application submitted to the Head of School or Honours Coordinator in the School of Risk and Actuarial Studies.
• Award: Class 1, Class 2 Division 1, Class 2 Division 2, Class 3; if requirements for these classes are not met, a Pass degree will be awarded.
Fees
For information regarding fees for UNSW programs, please refer to the following website: https://my.unsw.edu.au/student/fees/FeesMainPage.html
Professional Recognition
For further information, please refer to the Professional Recognition of Programs in the UNSW Online Handbook.
Further Information
Please note that these requirements may be subject to change. Students should always follow the program requirements according to the year they started their degree. For more information please visit Previous UNSW Online Handbooks
Contact the Australian School of Business Student Centre for advice.
tel: + 61 2 9385 3189
location: Ground Floor, West Wing, Australian School of Business Building
Forms, policies and procedures
Frequently asked questions
Contact the Australian School of Business Student Centre for advice.
tel: + 61 2 9385 3189
location: Ground Floor, West Wing, Australian School of Business Building
Forms, policies and procedures
Frequently asked questions
Related Program(s)
3586 Actuarial Studies
3588 Actuarial Studies / Economics
Area(s) of Specialisation
